NFL Washington Commanders $6B Sale Approved, Investigation Findings Revealed
Thursday, July 20, 2023 at 08:03PM By Barry Janoff
July 20, 2023: The NFL said today that all 32 team owners approved the sale of the Washington Commanders from Dan Snyder to a group led by Josh Harris — and including Earvin “Magic” Johnson — for a record $6.05 billion.
The deal also includes the Commanders’ home venue, FedEx Field in Landover, MD, as well as the team's practice facility in Ashburn, Va.
Snyder bought the team and FedEx Stadium from the Jack Kent Cooke estate in 1999 for $800 million.
This is the highest price paid not only for a North American pro sports team but for any pro sports team in the world.
In 2022, the Walton-Penner group paid a then-U.S. pro team record $4.65 billion to purchase the Denver Broncos.
Also last year, a group led by Los Angeles Dodgers co-owner Todd Boehly paid a then-global record $5.3 billion to purchase English Premier League club Chelsea.
The NFL today also released the findings of the independent investigation conducted by former U.S. Attorney and SEC Chair Mary Jo White and her colleagues from Debevoise & Plimpton into allegations of misconduct and financial improprieties made by former employees of the Washington Commanders.
Snyder will pay $60 million to the league in resolution of Ms. White's findings and all outstanding matters, according to the NFL.
"Today, my partners and I were entrusted by the NFL with the stewardship of a great franchise,” Harris said via the approval of the sale of the team.
“As a lifelong Washington football fan who grew up in the DMV, I know that the Commanders are more than just a sports team. This is an institution, passed down from generation to generation.”
According to Haris, “From day one, it is our top priority to deliver you a championship caliber team, and we will strive every day to ensure that we are a franchise you can be proud of.
“To Commanders fans everywhere, our promise is simple: We will do the work, create the culture and make the investment needed to deliver for this team and for Washington."
Also among the major investors with Harris, who co-founded investment firm Apollo Global Management in 1990, are David Blitzer, who in 2017 co-founded Harris Blitzer Sports & Entertainment with Harris; and businessman Mitchell Rales, who is president of the National Gallery of Art.
Harris-Blitzer Sports Entertainment owns the NBA Philadelphia 76ers and NHL New Jersey Devils.
“Congratulations to Josh Harris and his impressive group of partners,” NFL commissioner Roger Goodell said via the league.
“Josh will be a great addition to the NFL. He has a remarkable record in business, sports, and in his communities. The diverse group that Josh has put together is outstanding for its business acumen and strong Washington ties and we welcome them to the NFL, as well."
Goodell said he met Harris "several years ago, prior to his acquisition of an interest in the Steelers and have been fortunate to get to know him better over the past few months. I know he has a commitment to winning on the field, but also to running an organization that everyone will be proud of — and to making positive contributions in the community."
Johnson posted to social media, “This is truly the biggest achievement in my business career and a historic moment for the entire Black community. Talk about God’s perfect timing. This was the right organization for me to be a part of given it’s global appeal, history of winning, and the diverse fan base and DMV.”
Regarding the investigation, the NFL said Goodell appointed White as the independent investigator immediately following allegations against Commanders owner Daniel Snyder made by former Commanders employee Tiffani Johnston at a Congressional roundtable in February 2022.
According to the report, Johnston, who had been a cheerleader and worked in marketing for the team, said Snyder made “sexual advances” toward her during a networking event. She also described other situations with similar unwanted intent.
"We spoke to Ms. Johnston several times and found her to be highly credible," according to the report.
Snyder has denied the allegations.
"Our promise is simple: We will do the work, create the culture and make the investment needed to deliver for this team and for Washington."
The league said the commissioner “expanded Ms. White's review in April 2022 to include alleged financial misconduct at the club, after those allegations were first raised before a Congressional committee.
“Ms. White and her colleagues conducted a comprehensive and independent investigation over 17 months that included interviews with dozens of witnesses, sometimes on multiple occasions, a review of over 10,000 documents, and assistance from a team of forensic accountants.”
The franchise this past November settled lawsuits with Maryland and the District of Columbia regarding misuse of fans' season-ticket deposit money.
“We appreciate the diligence, thoroughness and professionalism of Ms. White and her team throughout this process," said Goodell via the league.
“We pledged to share her findings publicly and are doing so today.
“The conduct substantiated in Ms. White's findings has no place in the NFL. We strive for workplaces that are safe, respectful and professional. What Ms. Johnston experienced is inappropriate and contrary to the NFL's values."
See the full report here.
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